JPMorgan Chase spoke with USPS about banking services at post offices

Amid recent scrutiny of changes to USPS operations, The Capitol Forum reports JPMorgan Chase (JPMC) spoke with the postal provider about offering banking services at post offices.

Why should we care?
These developments reignite an old debate about whether post offices should double as banks. JPMC said early discussions took place with the USPS about possible ATM deployments at post offices, and that no plans were in the works. The possibility of a JPMC-USPS partnership was critiqued by The National Association of Federally-Insured Credit Unions, calling it a “Wall Street power grab.” The concept of postal banking, however, has some support among lawmakers; an appropriations bill passed by the House of Representatives last month included an amendment to set aside $2M for a postal banking pilot. Proponents tout enhanced access for the underbanked, and success in other countries, but banking industry groups, including The American Bankers Association, oppose the idea, citing regulatory and consumer protection concerns. Whether postal banking can thrive in a COVID-19 environment is another question, as many consumers avoid physical locations.